second quarter ended 30 june 2016 for personal use only · amendments to frs 10, investments...

SECOND QUARTER ENDED 30 JUNE 2016

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UOA Corporate Tower Lobby A, Avenue 10, The Vertical Bangsar South CityNo. 8, Jalan Kerinchi59200 Kuala Lumpur, Malaysiat 1 300 88 6668 w www.uoa.com.my

SECOND QUARTER ENDED 30 JUNE 2016

(Cover) The Vertical Corporate Towers comprises two 40-storey towers that are strategically located within Bangsar South, the award winning flagship integrated city development by UOA.

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UOA DEVELOPMENT BHD Interim Financial Report – 30 June 2016

CONTENTS

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 1

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE

INCOME

2

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 3

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 4

EXPLANATORY NOTES TO THE INTERIM FINANCIAL REPORT 5 - 15

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1 UOA DEVELOPMENT BHD Interim Financial Report – 30 June 2016

As At As At

30 June 2016 31 December 2015

RM'000 RM'000

ASSETS (Audited)

Non-current assets

Property, plant and equipment 279,513 161,987

Investment properties 961,499 919,143

Land held for property development 398,709 385,846

Available-for-sale financial assets 32,363 24,744

Investment in an associate 66,267 47,253

Deferred tax assets 35,888 36,441

1,774,239 1,575,414

Current assets

Property development costs 945,071 933,977

Inventories 183,122 134,662

Trade and other receivables 704,026 717,704

Amount owing by related company 3 -

Amount owing by associate 3,692 3,606

Current tax assets 32,531 29,191

Short term investments 281,600 371,948

Fixed deposits with licensed banks 57,783 51,934

Cash and bank balances 534,384 564,284

2,742,212 2,807,306

TOTAL ASSETS 4,516,451 4,382,720

EQUITY AND LIABILITIES

Equity

Share capital 76,039 76,039

Share premium 1,289,004 1,289,004

Merger reserve 2,252 2,252

Fair value reserve 5,269 6,650

Unappropriated profit 1,771,278 1,778,926

Less : Treasury shares (2,082) (2,061)

Equity attributable to owners of the Company 3,141,760 3,150,810

Non-controlling interests 130,390 143,690

Total equity 3,272,150 3,294,500

Non-current liabilities

Amounts owing to non-controlling shareholders of subsidiary companies 25,230 24,096

Hire purchase and finance lease liabilities 9,014 12,065

Long term borrowings 46,206 93,589

Deferred tax liabilities 21,455 21,184

101,905 150,934

Current liabilities

Trade and other payables 780,760 751,114

Amount owing to holding company 42 22

Amount owing to a related company 4,526 348

Amounts owing to non-controlling shareholders of subsidiary company 6,649 61,041

Hire purchase and finance lease liabilities 7,200 8,074

Short term borrowings 93,500 94,800

Current tax liabilities 21,768 21,887

Dividend payable 227,951 -

1,142,396 937,286

TOTAL LIABILITIES 1,244,301 1,088,220

TOTAL EQUITY AND LIABILITIES 4,516,451 4,382,720

Net Asset Per Share (RM) 2.07 2.07

Based on number of shares net of treasury shares 1,519,670,600 1,519,680,600

AS AT 30 JUNE 2016

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(Incorporated in Malaysia)UOA DEVELOPMENT BHD (654023-V)

The condensed consolidated statement of financial position should be read in conjunction with the audited financialstatements for the financial year ended 31 December 2015 and the accompanying explanatory notes attached to theinterim financial report.

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30 June 30 June 30 June 30 June

2016 2015 2016 2015

RM'000 RM'000 RM'000 RM'000

Revenue 294,809 325,712 495,980 639,412

Cost of sales (115,991) (200,630) (186,675) (385,753)

Gross profit 178,818 125,082 309,305 253,659

Other income 49,909 35,912 82,734 69,547

Administrative and general expenses (37,092) (40,168) (71,743) (74,280)

Other expenses (10,839) (13,387) (23,151) (25,837)

Finance costs (2,011) (2,119) (3,855) (3,659)

Share of results of associate 3,489 3,882 20,545 10,112

Profit before tax 182,274 109,202 313,835 229,542

Tax expense (38,086) (27,076) (70,482) (55,519)

Profit for the period 144,188 82,126 243,353 174,023

Other comprehensive income, net of tax

Item that will be reclassified subsequently to profit or loss

Fair value gain on available-for-sale

financial assets (1,536) (309) (1,381) 2,320

Total comprehensive income for the period 142,652 81,817 241,972 176,343

Profit attributable to:

Owners of the Company 124,225 68,929 220,303 147,411

Non-controlling interests 19,963 13,197 23,050 26,612

144,188 82,126 243,353 174,023

Total comprehensive income attributable to:

Owners of the Company 122,689 68,620 218,922 149,731

Non-controlling interests 19,963 13,197 23,050 26,612

142,652 81,817 241,972 176,343

Earnings per share (Sen)

- Basic earnings per share 8.17 4.82 14.50 10.30

- Diluted earnings per share N/A N/A N/A N/A

UOA DEVELOPMENT BHD (654023-V)

(Incorporated in Malaysia)

Cumulative Quarter EndedIndividual Quarter Ended

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 JUNE 2016

The condensed consolidated statement of comprehensive income should be read in conjunction with the audited financial

statements for the year ended 31 December 2015 and the accompanying explanatory notes attached to the interim financialreport.

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Current Year Preceding Year

To Date To Date

30 June 2016 30 June 2015

RM'000 RM'000

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before tax 313,835 229,542

Adjustments for:

Non-cash items 8,310 13,515

Non-operating items (20,557) (10,404)

Dividend income (881) (886)

Net interest income (9,760) (9,972)

Operating profit before changes in working capital 290,947 221,795

Net changes in inventories 5,093 8,774

Net changes in property development costs (81,582) (58,293)

Net changes in receivables 15,564 (103,543)

Net changes in payables 29,644 101,141

Cash generated from operations 259,666 169,874

Interest received 4,805 4,089

Tax paid (73,117) (40,811)

Net cash generated from operating activities 191,354 133,152

CASH FLOWS FROM INVESTING ACTIVITIES

Advances to holding company - (43)

Advances to related company (3) (9)

Repayment from associate company 4 22

Dividend received 881 886

Proceeds from disposal of property, plant and equipment 57 978

Acquisition of available-for-sale financial assets (9,000) -

Additions to investment properties (144,181) (35,787)

Purchase of property, plant and equipment (5,333) (3,601)

Purchase of land held for property development (12,863) (75)

Interest income 8,704 8,065

Net cash used in investing activities (161,734) (29,564)

CASH FLOWS FROM FINANCING ACTIVITIES

Advances from holding company 20 317

Advances from/(Repayment to) related companies 4,180 (794)

Payment of hire purchase and finance lease liabilities (4,283) (4,297)

Dividends paid to non-controlling shareholders of subsidiary companies (36,400) -

Issue of shares of a subsidiary to non-controlling shareholders 50 -

Net (repayment)/drawdown of borrowings (48,683) 80,108

Fixed deposit pledged to secure bank borrowings (30) 87

(Repayment to)/Advances from non-controlling shareholders of subsidiary companies (54,008) 3,872

Shares repurchased at cost (21) (21)

Interest paid (4,874) (3,374)

Net cash (used in)/generated from financing activities (144,049) 75,898

Net (decrease)/increase in cash and cash equivalents (114,429) 179,486

Cash and cash equivalents at beginning of period 986,115 699,220

Cash and cash equivalents at end of period 871,686 878,706

Cash and cash equivalents at end of period comprise:

Short term investments 281,600 475,729

Fixed deposits with licensed banks 57,783 67,996

Cash and bank balances 534,384 336,998

873,767 880,723

Fixed deposit pledged to secure bank borrowings (2,081) (2,017)

871,686 878,706

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 30 JUNE 2016

UOA DEVELOPMENT BHD (654023-V)

(Incorporated in Malaysia)

The condensed consolidated statement of cash flows should be read in conjunction with the audited financial statements

for the year ended 31 December 2015 and the accompanying explanatory notes attached to the interim financial report.

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EXPLANATORY NOTES TO THE INTERIM REPORT FOR THE QUARTER ENDED 30 JUNE 2016

A EXPLANATORY NOTES PURSUANT TO FINANCIAL REPORTING STANDARD (“FRS”) 134, INTERIM

FINANCIAL REPORTING

A1 BASIS OF PREPARATION

The interim financial report has been prepared in accordance with FRS 134, Interim Financial

Reporting and Paragraph 9.22 of the Main Market Listing Requirements of Bursa Malaysia

Securities Berhad.

The interim financial statements should be read in conjunction with the Group’s audited financial

statements for the financial year ended 31 December 2015 and the accompanying explanatory

notes attached to this interim financial report.

These explanatory notes attached to the interim financial statements provide an explanation of

events and transactions that are significant to an understanding of the changes in the financial

position and performance of the Company and its subsidiaries (“the Group”) since the year ended

31 December 2015.

A2 CHANGES IN ACCOUNTING POLICIES

The significant accounting policies adopted are consistent with those of the audited financial

statements of the Group for the year ended 31 December 2015, except for the adoption of the

following Amendments to FRSs and Issues Committee Interpretation (“IC Interpretation”) that are

relevant to its operations:

FRS 14 Regulatory Deferral Accounts

Amendments to FRS 11 Accounting for Acquisitions of Interests in Joint Operations

Amendments to FRS 116 and Clarification of Acceptable Methods of Depreciation and

FRS 138 Amortisation

Amendments to FRS 127 Equity Method in Separate Financial Statements

Amendments to FRS 101 Disclosure Initiative

Amendments to FRS 10, Investments Entities: Applying the Consolidation Exception

FRS 12 and FRS 128

Amendments to FRS 5, FRS 7, Annual Improvements to FRSs 2012-2014 Cycle

FRS 119 and FRS 134

Amendments to FRS 10 and Sale or Contribution of Assets between an Investor and its

FRS 128 Associate or Joint Venture

The adoption of the above Amendments to FRSs does not have significant impact on the financial

statements of the Group.

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Malaysian Financial Reporting Standards

On 19 November 2011, the MASB issued a new approved accounting framework, i.e. Malaysian

Financial Reporting Standards (“MFRS”). MFRS is to be applied by all entities other than private

entities for annual periods beginning on or after 1 January 2012, with the exception of entities

subject to the application of MFRS 141 Agriculture and/or IC Interpretation 15 Agreements for

Construction of Real Estate, including the entities’ parent, significant investor and venturer (herein

referred to as ‘Transitioning Entities’ collectively). Transitioning Entities are allowed to defer

adoption of MFRS, and continue to use the existing FRS framework until the MFRS framework is

mandated by the MASB. The Group falls within the definition of Transitioning Entities and has

opted to defer adoption of MFRS.

According to an announcement made by the MASB on 28 October 2015, all Transitioning Entities

shall adopt the MFRS framework and prepare their first MFRS financial statements for annual

periods beginning on or after 1 January 2018.

The Group will adopt the MFRS framework and will prepare its first set of MFRS financial

statements for the financial year ending 31 December 2018. In presenting its first set of MFRS

financial statements, the Group will quantify the financial effects arising from the differences

between MFRS and the currently applied FRS. The majority of the adjustments required on

transition are expected to be made, retrospectively, against opening retained earnings of the

Group. Accordingly, the financial performance and financial position of the Group as presented in

these financial statements for the year ended 31 December 2015 could be different if prepared in

accordance with MFRS.

A3 QUALIFIED AUDIT REPORT

The auditors' report of the financial statements of the Company for the financial year ended 31

December 2015 was not qualified.

A4 COMMENTS ON SEASONALITY OR CYCLICALITY OF OPERATIONS

The business operations of the Group during the financial period under review have not been

materially affected by any seasonal or cyclical factors.

A5 UNUSUAL ITEMS

There were no unusual items affecting assets, liabilities, equity, net income or cash flows for the

quarter under review.

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A6 MATERIAL CHANGES IN ESTIMATES

There were no material changes in estimates that have had a material effect in the current quarter

results.

A7 DEBT AND EQUITY SECURITIES

Save as disclosed below, there were no issuance, cancellation, repurchase, resale and repayment

of debt and/or equity securities, share buybacks, share cancellations, shares held as treasury

shares and resale of treasury shares for the current quarter.

(a) Share buyback by the Company

During the current quarter, there was no buyback of shares nor resale or cancellation of

treasury shares.

(b) As at 30 June 2016, the Company has 1,118,800 ordinary shares held as treasury shares and

the issued and paid-up share capital of the Company remained unchanged at 1,520,789,400

ordinary shares of RM0.05 each.

A8 DIVIDENDS PAID

A first and final single tier dividend of 15 sen per ordinary share of RM0.05 each in respect of the

financial year ended 31 December 2015 was approved by shareholders during the Annual General

Meeting held on 25 May 2016. The dividend was paid on 15 July 2016.

A9 EFFECT OF CHANGES IN THE COMPOSITION OF THE GROUP

On 4 May 2016, a wholly owned subsidiary of the Company acquired two ordinary shares of

RM1.00 each in Nova Lagenda Sdn Bhd (“Nova Lagenda”), representing the entire share capital of

Nova Lagenda. The principle activity of Nova Lagenda is investment holding.

A10 MATERIAL EVENTS SUBSEQUENT TO THE END OF THE INTERIM PERIOD

On 15 July 2016, the Company issued and allotted 111,679,600 new shares pursuant to the

Dividend Reinvestment Scheme which was applied to the final dividend for the year ended 31

December 2015. With the listing of the new shares, the issued and paid up capital of the Company

increased from RM76,039,470 to RM81,623,450.

Save as disclosed above, there were no material events as at the latest practicable date from the

date of this report.

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A11 OPERATING SEGMENT INFORMATION

Property development Construction Others Elimination Consolidated

RM’000 RM’000 RM’000 RM’000 RM’000

Cumulative quarter ended 30 June 2016 Revenue External revenue 481,357 19,551 - (4,928) 495,980 Inter-segment

revenue 18,720 340,238 - (358,958) -

Total revenue 500,077 359,789 - (363,886) 495,980

Results Segment results 262,078 38,250 (7,038) - 293,290 Share of results of associate 20,545 Tax expense (70,482)

Profit for the period 243,353

Property development Construction Others Elimination Consolidated

RM’000 RM’000 RM’000 RM’000 RM’000

Cumulative quarter ended 30 June 2015 Revenue External revenue 537,959 135,988 - (34,535) 639,412 Inter-segment

revenue 1,636 403,300 - (404,936) -

Total revenue 539,595 539,288 - (439,471) 639,412

Results Segment results 198,101 34,629 (13,300) - 219,430 Share of results of associate 10,112 Tax expense (55,519)

Profit for the period 174,023

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A12 CONTINGENT LIABILITIES OR CONTINGENT ASSETS

The contingent liabilities of the Company as at the end of the current quarter are as follows:

As at 30 June 2016 RM’000

Corporate guarantees given to banks to secure banking facilities granted to subsidiary companies 196,152

A13 RELATED PARTY TRANSACTIONS

There were no significant related party transactions as at the date of this announcement.

A14 CAPITAL COMMITMENTS

The Group has the following capital commitments: As at 30 June 2016 RM’000

Approved and contracted for - Purchase of plant and equipment 14,166 - Purchase of investment property 187,264

201,430

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B EXPLANATORY NOTES PURSUANT TO PART A OF APPENDIX 9B OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD

B1 REVIEW OF PERFORMANCE

The Group’s revenue for the quarter ended 30 June 2016 was at RM294.8 million representing a

decrease of 9.5% while the gross profit improved by 43.0% compared to the corresponding quarter

in the preceding year. Total expenditure for the quarter under review of RM49.9 million comprises

mainly marketing expenses of RM14.3 million and administrative and operating expenses of

RM22.8 million.

The Group’s revenue and profit attributable to the Company for the quarter under review were

mainly derived from the progressive recognition of the Group’s on-going development projects

namely Desa Green Serviced Apartments, Scenaria @ North Kiara Hills, South View Serviced

Apartments, Southbank Residence, Sentul Village and The Vertical Office Suites and Corporate

Towers.

B2 MATERIAL CHANGES IN INCOME BEFORE TAX FOR THE QUARTER AS COMPARED WITH THE

IMMEDIATE PRECEDING QUARTER

The Group’s profit before tax of RM182.3 million for the second quarter ended 30 June 2016 was

higher than the immediate preceding quarter of RM131.6 million. The higher profit in the current

quarter was mainly due to the contribution from Desa Green Serviced Apartments which were

completed during the current quarter.

B3 PROSPECTS

The total property sales for the first half of financial year 2016 was approximately RM611.9 million.

The United Point Residence in Kepong was launched during the second quarter ended 30 June

2016.

The new property sales in the second quarter was mainly from projects launched in the current

financial year, namely, United Point Residence and Danau Kota Suite Apartment. Apart from the

new projects, on-going projects such as South View Serviced Apartment, Vertical Office Suite,

Scenaria @ North Kiara Hills and UOA Business Park also contributed to the sales for the quarter

under review. Sentul Point (formerly known as Desa Sentul Phase 2) is slated to be launched in the

second half of financial year 2016, and expected to contribute substantially to the property sales for

the remaining part of the financial year 2016.

The total unbilled sales as at 30 June 2016 was approximately RM1.2 billion.

The Group will continue its focus on development in Greater Kuala Lumpur and source for strategic

development lands that meet the criteria.

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B4 VARIANCES BETWEEN ACTUAL PROFIT AND FORECAST PROFIT

Not applicable as no profit forecast was published.

B5 TAX EXPENSE

The breakdown of the tax components is as follows: Current Quarter Year To Date 30 June 2016 30 June 2015 30 June 2016 30 June 2015 RM’000 RM’000 RM’000 RM’000

In respect of current period - income tax 36,145 29,805 69,515 61,779 - deferred tax 1,795 (2,729) 821 (6,285) - deferred Real Property

Gains Tax (RPGT) - - - 25

In respect of prior period - income tax 144 - 144 - - deferred tax 2 - 2 -

Tax expense for the period 38,086 27,076 70,482 55,519

The Group's effective tax rate for the current quarter and year to date was lower than the statutory

tax rate of 24% mainly due to certain income not subjected to tax. The effective tax rate for the

corresponding quarter and year to date approximated the statutory tax rate of 25%.

B6 STATUS OF CORPORATE PROPOSAL

Save as disclosed below, there were no other corporate proposals announced but not completed

during the current financial quarter and financial period to date under review.

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B7 BORROWINGS AND DEBT SECURITIES

The Group does not have any debt securities. The Group borrowings are denominated in Ringgit Malaysia (“RM”) as follows:

As at As at

30 June 2016 31 December

2015 Secured Secured RM’000 RM’000

Current - Revolving credit 79,000 88,000 - Bridging loan 14,500 6,800 Non-current - Term loan - 2,942 - Bridging loan 46,206 90,647

139,706 188,389

B8 DERIVATIVE FINANCIAL INSTRUMENTS

The Group does not have any derivative financial instruments as at the date of this report.

B9 FAIR VALUE CHANGES OF FINANCIAL LIABILITIES

The Group does not have any financial liabilities that are measured at fair value at the date of this

report.

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B10 DISCLOSURE OF REALISED AND UNREALISED PROFITS

As at As at 30 June

2016 31 December

2015 RM’000 RM’000

Total retained profits of the Company and its subsidiaries - Realised 1,728,680 1,764,871 - Unrealised 289,345 290,114

2,018,025 2,054,985 Total share of retained profits from associate company

- Realised 67,463 46,918 - Unrealised (20,026) (18,495)

47,437 28,423 Less : Consolidated adjustments (294,184) (304,482)

Total Group retained profits as per consolidated financial statements

1,771,278 1,778,926

B11 MATERIAL LITIGATION

There was no pending material litigation as at the latest practicable date from the date of issuance

of this report.

B12 DIVIDENDS

The Board does not recommend any dividend for the current quarter under review.

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B13 PROFIT BEFORE TAX

Profit before tax is stated after charging/(crediting): Current Quarter Year To Date 30 June 2016 30 June 2015 30 June 2016 30 June 2015 RM’000 RM’000 RM’000 RM’000

Interest income (9,097) (7,171) (13,615) (13,631) Other income including

investment income (10,590) (12,517) (20,842) (24,875) Interest expense 2,011 2,119 3,855 3,659 Depreciation and amortisation 4,329 4,093 8,662 8,068 Bad and doubtful debts (3,072) 486 (1,886) 795 Provision for and write off of

inventories - - - - (Gain)/Loss on disposal - Quoted/unquoted

investments - - - - - Property, plant and

equipment (1) (369) (12) (292) Impairment of assets - - - - Foreign exchange (gain)/loss (6) 2 (6) 1 (Gain)/Loss on derivatives - - - - Exceptional items - - - -

B14 EARNINGS PER SHARE

a) The basic earnings per share (“EPS”) is calculated by dividing the profit for the period

attributable to owners of the Company by the weighted average number of ordinary shares in

issue during the period.

Current Quarter Year to Date 30 June 2016 30 June 2015 30 June 2016 30 June 2015

Profit attributable to owners of the Company (RM’000) 124,225 68,929 220,303 147,411

Weighted average number

of ordinary shares 1,519,670,600 1,430,988,000 1,519,673,952 1,430,991,425

Basic EPS (Sen) 8.17 4.82 14.50 10.30

b) The Company does not have any diluted earnings per share.

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BY ORDER OF THE BOARD

YAP KAI WENG

Company Secretary

UOA DEVELOPMENT BHD

Kuala Lumpur

24 AUGUST 2016

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second quarter ended 30 june 2016 for personal use only · amendments to frs 10, investments...

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